Development of Accounting in Kosovo: A Historical Perspective and Future Implications

Qualitative and reliable financial information is a key element in the decision making process, and the availability of such information is particularly important for the business management and public interest in general.

The road towards ensuring qualitative and reliable financial information is challenging and requires the use of multiple mechanisms to put in function the implementation of high quality standards and best practices, including these of financial reporting, accounting (also the international public sector accounting standards), professional education and ethical standards, in order to provide quality preparation and presentation of the information.

Accounting has the key role in the whole process, which enables the fulfillment of the need for accurate monitoring of the performance of the entity through credible and rigorous registration of all economic events that are part of its business.
Accounting promotes and supports business growth and development by facilitating strategic management, operational and financial management, as well as enables the protection of the interests of owners as investors particularly and also for other users of business information generally.

This paper presents an overview of the current situation of accounting in our country, reflecting the historical context and analysis according to the chronological flow that have influenced the development of this field in our country and the level of its use to provide relevant and accurate information, and meet the need for stronger public accountability and increased public participation in decision making.

The nature of accounting legal regulation and its implementation, the level of implementation of international accounting and financial reporting standards and the structure of education of accounting professionals are part of the analysis in this paper in order to see the development and evolution of the role of accounting in Kosovo.

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